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Axia Capital Partners Leads Buyout of Cable Design and Manufacturing to
Form Segue Manufacturing Services, LLC
Burlington,
MA - DATELINE: BURLINGTON, MA; February 5, 2008…Axia Capital Partners, LP today
announced that it completed its acquisition of Cable Design and Manufacturing
(CDM), a leading full service contract manufacturing company in New England, and
formed Segue Manufacturing Services, LLC (Segue). Axia Capital syndicated a
leveraged buyout to acquire the assets of CDM and appointed Peter Frasso, former
COO of FEI, as CEO of Segue. CDM's former owner and CEO, Bill Roderick, will
retain a significant equity position in the newly formed company and lead the
sales and engineering organizations.
Background
Founded in
1991, CDM was established to design and produce custom cable and harness
assemblies. Today, CDM provides turnkey electro-mechanical assemblies for over
100 customers as well as precision machining for its in-house assembly business.
CDM ranks among New England's leading contract manufacturing firms and is highly
regarded by clients for its ability to produce a wide array of highly engineered
products.
Jim
Pelusi, Managing Director of Axia Capital Partners, LP stated, "We partnered
with Peter Frasso to find a contract manufacturing firm with a proven track
record for growth, excellent customer relations and quality operations. The
strength of CDM's management team, customer loyalty and almost 50% annual growth
rate over the last 2 years made it a clear cut winner." Mr. Pelusi added, "We
are excited about teaming with Peter and confident in his ability to execute on
our strategy to create the leading full service contract manufacturing company
in New England."
Management
Prior to
joining Segue, Mr. Frasso held several senior executive positions as COO of FEI,
VP of Global Operations at Brooks Automation and General Manager of Varian's
Vacuum Instruments Division. During his tenure at Varian, the company was twice
named one of the Best Plants in America by Industry Week, received the
Massachusetts Quality Award and was a finalist for the Malcom Baldridge Award.
"CDM
provides a strong operational platform to grow from," stated Mr. Frasso. "We
have already begun expanding its suite of manufacturing capabilities into
value-added services such as product engineering, supply chain consulting and
integrated supply management."
According
to Bill Roderick, "The sale of CDM to Segue provided me with an opportunity to
diversify my financial assets and retain a significant equity position in Segue.
I am very pleased with Axia's ability to creatively source and structure the
transaction; as well as partner with our management team to develop a clear
strategy for differentiated growth."
About Axia Capital Partners, LP
www.axia-partners.com/axia_capital
Axia
Capital Partners, LP is dedicated to increasing the equity value of our
portfolio companies by developing and executing clear cut strategies that
improve operations and drive growth. Our unique combination of hands on
management expertise, engineering know-how and creative financing provides
partners with innovative solutions for maximizing value and generating superior
returns. As an affiliate of Axia Partners, Axia Capital is a middle market
private equity firm that selectively invests in industrial technology companies
with established track records for profitable growth and differentiated products
in niche markets. For more information about Axia Capital Partners, please
contact:
James A.
Pelusi, Managing Director
T (781) 273-6064
jpelusi@axia-partners.com
About Segue Manufacturing Services, LLC
www.segue-mfg.com
Segue
Manufacturing Services, LLC, formerly Cable Design and Manufacturing, is one of
New England's leading contract manufacturing firms. Our focus on high value,
cost effective manufacturing solutions has earned us a reputation as the
'supplier of choice' among the region's most innovative companies seeking highly
engineered products for military, solar, medical, semiconductor and industrial
capital equipment. In addition to our engineering and global sourcing expertise,
clients benefit from a full range of services for turnkey manufacturing of
cables, harnesses and electro-mechanical assemblies, as well as supply chain
management and engineering services. For more information about Segue
Manufacturing Services, please contact:
Peter A.
Frasso, CEO
T (978) 970-1200 x 131
pfrasso@segue-mfg.com
MEDIA CONTACT
Lisa A. Maini
myMarketingManager
T (617) 642-7070
lmaini@mymarketingmanager.com
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